Asked by
birtukan Abebe
on Nov 16, 2024
Verified
Refer to Figure 18-1. The marginal product of the fifth worker is
A) 9 units of output.
B) 18 units of output.
C) 15 units of output.
D) 12 units of output.
Marginal Product
The rise in production resulting from one more unit of input, while keeping all other inputs unchanged.
Units of Output
The quantity of goods or services produced by a business, factory, or individual within a certain timeframe.
- Understand the concept of marginal productivity and its importance in determining firm labor demand.
- Understand the concept of diminishing marginal product and its implications for production.
Verified Answer
SM
Learning Objectives
- Understand the concept of marginal productivity and its importance in determining firm labor demand.
- Understand the concept of diminishing marginal product and its implications for production.